Team  SoOLEGAL

Govt. brings in Ordinance amending Sec. 36 and Deleting the 8th Schedule of The Arbitration Act, 1996.

Team SoOLEGAL 5 Nov 2020 3:09pm

Govt. brings in Ordinance amending Sec. 36 and Deleting the 8th Schedule of The Arbitration Act, 1996.

On November 4, 2020, an ordinance was passed by the Ministry of Law to amend a particular section that is Section 36 of Arbitration and Conciliation Act, 1996. The main reason for the amendment of this section is that every stakeholder must get an opportunity for asking  an unconditional stay of execution of arbitral awards, if the arbitral awards are being made by fraud or corruption. The particular amendment which has been inserted after the proviso of subsection 3 of section 36 of Arbitration and Conciliation Act, 1996 must take place from October 23, 2015.  

According to the amended section, if the award is being made on the basis of an arrangement based on fraud or corruption, the court will not implement a requirement to stay the award but the Court will grant an unconditional stay in the course of the appeal if it has been contested pursuant to Section 34 of the Arbitration Act.

It has also been clarified by the Ministry of Law that this particular provision will be applicable to all arbitral proceedings whether or not that particular court proceedings had started before or after commencement of Arbitration and Conciliation (Amendment) Act, 2015. The Ministry of Law also deleted the 8th Schedule from the principle act.



Tagged: Arbitration Act   Ministry of Law   Conciliation Act   Amendment Act   Section 34  
Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.